Man King Holdings Limited (2193) AI Stock Analysis

• Market Cap: HK$121.68M
• Dividend Yield: N/A
• Average Volume (3M): 16.53K
• Price to Earnings (P/E): 2.3
• Beta (1Y): 0.07
• Revenue Growth: -1.91%
• EPS Growth: 18.30%
• Country: HK
• Employees: 170
• Sector: Industrials
• Sector Strength: 72
• Industry: Engineering & Construction
• EPS (TTM): 0.02
• Shares Outstanding: 419,594,000
• 10 Day Avg. Volume: 30,000
• 30 Day Avg. Volume: 16,533
• PEG Ratio: 0.54
• Price to Book (P/B): 0.33
• Price to Sales (P/S): 0.25
• P/FCF Ratio: -2.69
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 53 Neutral
• Price Target: HK$0.29 ▲(22.50% Upside)
• Action: Reiterated Date: 03/18/26
• Date: Action: Reiterated 03/18/26

The score is held back primarily by weak financial performance (declining revenue, negative margins, negative ROE, and negative operating cash flow). Offsetting this, technicals are constructive with the price above major moving averages and positive MACD, and valuation appears inexpensive on P/E, though fundamentals reduce confidence in that low multiple.

Positive Factors

Conservative leverage / low debt burden

A debt-to-equity ratio of 0.048 indicates the company carries minimal financial leverage, giving it durable financial flexibility. Low debt reduces refinancing and interest risks, supports capital allocation choices, and cushions operating volatility over the next several quarters.

Positive free cash flow growth (from negative base)

A reported 9.05% increase in free cash flow (albeit from a negative base) signals initial improvement in cash conversion. If sustained, rising FCF supports reinvestment, deleveraging, or shareholder returns and is a durable indicator of operational recovery beyond short-term noise.

Improving EPS trend

Reported EPS growth of ~18.3% points to improving earnings power on a per-share basis. If driven by operational fixes rather than one-offs, sustained EPS improvement can translate into stronger margins and ROE over multiple quarters, benefiting long-term shareholder value.

Negative Factors

Declining revenue and negative margins

A revenue decline of 3.11% coupled with negative gross and net margins shows fundamental demand or pricing pressure and structural cost inefficiencies. Persistent top-line weakness with negative margins undermines free cash generation and long-term profitability unless business model changes occur.

Negative operating cash flow

Negative operating cash flow signals the core business is not producing sufficient cash from operations, forcing reliance on balance sheet reserves or financing. This is a durable constraint on reinvestment and increases execution risk until core cash conversion turns positive.

Negative return on equity and poor returns

A -8.41% ROE reflects that the company is destroying shareholder value rather than creating it, likely due to sustained losses or low asset efficiency. Persistently negative ROE impairs capital formation, limits investor confidence, and strains long-term growth prospects without structural improvement.

Man King Holdings Limited Business Overview & Revenue Model

Company Description

Man King Holdings Limited, an investment holding company, provides construction and civil engineering services to the public and private sectors in Hong Kong. It undertakes road and bridge, drainage and sewage, port work, site formation, public filling management, environmental, water work, electrical and mechanical, and building projects. The company was founded in 1995 and is based in Kowloon, Hong Kong. Man King Holdings Limited is a subsidiary of Jade Vantage Holdings Limited.

Man King Holdings Limited Financial Statement Overview

Summary

Income statement weakness drives the score: revenue declined (-3.11%) and profitability is negative (gross margin -3.36%, net margin -6.29%, negative EBIT/EBITDA). Balance sheet leverage is conservative (debt-to-equity 0.048) but returns are poor (ROE -8.41%). Cash flow is also pressured with negative operating cash flow, despite positive free cash flow growth from a negative base.

Income Statement

The company has experienced declining revenue over the past year, with a negative revenue growth rate of -3.11%. Margins have also deteriorated significantly, with gross profit margin at -3.36% and net profit margin at -6.29%, indicating operational challenges and inefficiencies. The negative EBIT and EBITDA margins further highlight profitability issues.

Balance Sheet

The balance sheet shows a relatively low debt-to-equity ratio of 0.048, suggesting conservative leverage. However, the return on equity is negative at -8.41%, reflecting poor profitability and returns for shareholders. The equity ratio is not explicitly calculated, but the company maintains a stable equity base relative to its assets.

Cash Flow

Cash flow analysis reveals negative operating cash flow, indicating cash management issues. The free cash flow to net income ratio is slightly above 1, suggesting that free cash flow is aligned with net income, albeit both are negative. The free cash flow growth rate is positive at 9.05%, but this is from a negative base, which limits its positive impact.

Breakdown	TTM	Mar 2024	Mar 2023	Mar 2022	Mar 2021	Mar 2020
Income Statement
Total Revenue	339.88M	335.70M	338.49M	452.78M	408.20M	276.55M
Gross Profit	-14.79M	-11.26M	-26.64M	69.62M	51.41M	29.40M
EBITDA	-28.24M	-10.84M	-14.47M	46.49M	34.54M	9.28M
Net Income	-18.54M	-21.13M	-22.74M	42.13M	36.92M	15.74M
Balance Sheet
Total Assets	389.13M	371.34M	412.77M	461.53M	415.89M	315.84M
Cash, Cash Equivalents and Short-Term Investments	221.49M	186.26M	180.83M	239.92M	158.43M	117.96M
Total Debt	9.38M	12.24M	10.48M	16.29M	19.79M	3.64M
Total Liabilities	129.65M	120.10M	140.34M	150.69M	136.76M	62.28M
Stockholders Equity	259.48M	251.24M	272.43M	310.84M	279.12M	253.56M
Cash Flow
Free Cash Flow	28.85M	-30.54M	-58.18M	104.61M	52.66M	51.90M
Operating Cash Flow	28.97M	-30.29M	-52.21M	108.07M	66.50M	56.63M
Investing Cash Flow	-39.93M	21.99M	-6.63M	-4.59M	-11.62M	-1.36M
Financing Cash Flow	-5.55M	-1.94M	-22.63M	-21.42M	-13.92M	-2.67M

Man King Holdings Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.24
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:2193, the sentiment is Positive. The current price of 0.24 is below the 20-day moving average (MA) of 0.27, below the 50-day MA of 0.25, and above the 200-day MA of 0.23, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 64.56 is Neutral, neither overbought nor oversold. The STOCH value of 64.76 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:2193.

Man King Holdings Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
3878	63 Neutral	HK$111.27M	4.63	1.45%	―	-19.27%	-47.47%
1486	58 Neutral	HK$345.91M	0.38	11.20%	―	4.56%	―
2193	53 Neutral	HK$121.68M	2.34	-7.26%	―	-1.91%	18.30%
1741	50 Neutral	HK$156.00M	-14.63	-47.44%	―	-34.70%	-388.24%
1429	46 Neutral	HK$464.00M	-28.18	-27.98%	―	-8.31%	-56.88%
8262	40 Underperform	HK$43.39M	-8.62	-15.62%	―	8.74%	48.76%